2012. 06. 04

2012 : /

?

//

Tel. 368-6156

wslee@eugenefn.com

Glossary

PP(Program Provider)

, .

.

MPP(Multiple Program Provider) .

, .

(BSBroadcasting Satellite) . (SBSatellite Broadcasting)

, 3 6000

.

,

,

,

Media Representative

.

,

.

,

,

.

(KOBACO) ,

KOBACO(Korea Broadcasting

Advertising Corporation)

. ,

1981 1

() . TV, ,

,

. ,

. ,

, .

Summary

?

(, SBS, CJ E&M)

: , SBS , CJ E&M

!

3

: TV SBS . KOBACO : () . : . (Re-cook) .

() SBS( TV ) CJ E&M(CATV )

()

: 1) : 1

2) : (2Q12 S3 , 3Q12 , 4Q12 )

/, M&A

TV SBS: 2Q12 1)

2) needs

Conviction BUY: / : CJ E&M

: 1Q12 Resource . !

CJ E&M: /// . , Signal

//

Tel. 368-6156

wslee@eugenefn.com

Contents

Summary

I.

II. Valuation

1. Conviction BUY, SBS

2. Global Valuation

3. Global Valuation

III. , 2012?

IV.

1. :

2. :

3. :

V. ?

1. : ?

2. SBS: ?

3. CJ E&M: 2013

(030000.KS)

SBS(034120.KS)

CJ E&M(130960.KQ)

3 6 8

14

17

23

41

Analyst | /

6_ www.Eugenefn.com

I.

, SBS .

,

. 2Q12

.

SBS , 2

, 1Q12 2Q12

.

, CJ E&M ,

, Fundamentals .

, /

/ .

24,000, SBS 44,000 BUY , CJ

E&M 31,000, HOLD .

: <

: >

1

CJ E&M SBS

( )

(BUY & HOLD)

:

www.Eugenefn.com _7

Analyst | /

2

SBS CJ E&M

- : 1

- : , M&A

- :

- : PP ,

- :

- :

- : 2

- 2011 ,

-

- ,

-

-

- , - -

* / /

:

3

(030000)

SBS

(034120)

CJ E&M

(130960)

/

BUY BUY HOLD

() 24,000 44,000 31,000

2011 1,758.2 720.6 1,143.1

2012E 2,173.0 794.6 1,513.0

() 2013E 2,435.2 771.3 1,718.2

2011 108.5 75.0 70.1

2012E 148.2 53.4 64.1

() 2013E 167.8 75.9 82.1

2011 95.8 58.0 58.7

2012E 128.7 43.6 57.3

() 2013E 144.7 60.7 75.1

2011 811 3,180 1,745

2012E 1,095 2,388 1,624 EPS

() 2013E 1,233 3,325 1,980

2011 23.4 11.7 17.4

2012E 16.5 15.3 17.5 PER

(X) 2013E 14.6 11.0 14.3

2011 3.3 1.3 1.0

2012E 2.7 1.2 0.9 PBR

(X) 2013E 2.3 1.1 0.8

2011 14.1 11.6 8.0

2012E 17.0 8.0 4.8 ROE

(%) 2013E 16.5 10.3 6.0

2011 12.7 6.3 3.5

2012E 8.4 6.9 3.0 EV/EBITDA

(X) 2013E 7.6 4.9 2.7

:

: 12 5 25 / , CJ E&M =

Analyst | /

8_ www.Eugenefn.com

II. Valuation

1. Conviction BUY, SBS

4

SBS CJ E&M

2012 E EPS 1,095 2012E BPS 30,551 2012E EPS 1,624

Target

Valuation

PER 21.8

(

5 PER )

PBR 1.4

( PBR

)

PER 18.8

(SBS 2000~2007(

) PER )

24,000 44,000 31,000

Conviction BUY BUY HOLD

:

(A) 2012E EPS 1,095 Target PER 21.8 24,000()

. Target PER 21.8 5 PER ,

1) , 2)

, 3)

.

EPS 2012 35.0%, 2013 12.6% ,

( ) 9.5%, 7.0% ( 5 ).

12E PER 16.5(5 25 ) 14.7 12.3% Premium

, .

5

86

8

4

97 8 6 6

35

75

7

3

97 7 6 6

13

0

5

10

15

20

25

30

35

40

OM

NIC

OM

GP

.

INTE

RP

UB

LIC

GP

.

DE

NTS

U

HA

KU

HO

DO

DY

HD

G.

AS

ATS

U-

DK

WP

P

AE

GIS

GR

OU

P

PU

BLIC

IS

GR

OU

PE

HA

VA

S

CH

EIL

WO

RLD

WID

E

2012E

2013E

(%)

: Bloomberg,

:

www.Eugenefn.com _9

Analyst | /

(B) SBS , 1) , 2)

. SBS

. SBS 2012E BPS 30,551

PBR 1.4 Target Multiple , 44,000 .

SBS 1Q12

. ,

2Q12 . SBS PBR Valuation

( 6 ).

6

-30

-20

-10

0

10

20

30

40

50

'01.01 '02.01 '03.01 '04.01 '05.01 '06.01 '07.01 '08.01 '09.01 '10.01 '11.01 '12.01

0

10,000

20,000

30,000

40,000

50,000

60,000

70,000

SBS () SBS () ()()

2008 , 2010

: SBS,

Analyst | /

10_ www.Eugenefn.com

(C) CJ E&M /

, 2013 .

.

CJ E&M 2012E EPS 1,624 SBS

2000~2007 PER 18.8 . EPS

31,000 8.8% . ,

Valuation

(12E PER 17.5, 12~13 ), Valuation

, .

7

0%

10%

20%

30%

40%

50%

60%

1Q08 3Q08 1Q09 3Q09 1Q10 3Q10 1Q11 3Q11 1Q12

CJ E&M PP PP

: CJ E&M,

: CJ E&M 17

www.Eugenefn.com _11

Analyst | /

8 9

0

5,000

10,000

15,000

20,000

25,000

30,000

35,000

40,000

'07.12 '09.03 '10.06 '11.09 '12.12 '14.03

Adj. Prc. 28.0X 22.8X

17.6X 12.3X 7.1X

()

0

5,000

10,000

15,000

20,000

25,000

30,000

35,000

'07.12 '09.08 '11.04 '12.12 '14.08

Adj. Prc. 3.3X 2.8X

2.3X 1.7X 1.2X

()

: :

10 11

0

20,000

40,000

60,000

80,000

100,000

'07.12 '09.03 '10.06 '11.09 '12.12 '14.03

Adj. Prc. 30.0X 25.0X

20.0X 15.0X 10.0X

()

0

10,000

20,000

30,000

40,000

50,000

60,000

70,000

80,000

'07.12 '09.08 '11.04 '12.12 '14.08

Adj. Prc. 1.8X 1.6X

1.4X 1.2X 1.0X

()

: :

12 13

0

10,000

20,000

30,000

40,000

50,000

60,000

70,000

80,000

'10.12 '11.12 '12.12 '13.12 '14.12

Adj. Prc. 30.0X 26.3X

22.5X 18.8X 15.0X

()

0

10,000

20,000

30,000

40,000

50,000

60,000

70,000

'10.12 '11.12 '12.12 '13.12 '14.12

Adj. Prc. 1.3X 1.2X

1.1X 0.9X 0.8X

()

: :

Analyst | /

12_ www.Eugenefn.com

2. Global Valuation

14 15

ASATSU-DK

Omnicom

Interpublic

Dentsu

WPP

Aegis

Publicis

Havas

Cheil WW

4

5

6

7

8

9

10

5 10 15 20 25 30

(PER,X)

(EV/EBITDA,X)

Omnicom

Interpublic

Dentsu

Hakuhodo

Asatsu

WPP

Aegis

Publicis

Havas

Cheil WW

y = 0.1213x + 0.1433

R2 = 0.8989

0.0

0.5

1.0

1.5

2.0

2.5

3.0

3.5

4.0

0 5 10 15 20 25 30

(PBR,X)

(ROE,%)

: Bloomberg, / : 5 25 : Bloomberg, / : 5 25

16

EV EBITDA(X) PER(X) PBR(X) ROE(%) (%) FYE

2012 2013 2012 2013 2012 2013 2012 2013 1M 3M 6M

OMNICOM. 12 7.8 7.3 13.3 12.2 3.4 3.1 27.1 28.2 -0.9 2.4 24.4US

INTERPUBLIC. 12 5.7 5.1 13.2 10.7 1.8 1.7 16.0 18.3 -3.3 -7.6 27.7

DENTSU 03 7.6 7.3 16.0 14.8 1.0 1.0 6.4 6.7 -9.9 -9.1 2.6

HAKUHODO. 03 3.7 3.4 16.0 14.6 0.9 0.8 5.7 5.9 -7.0 -4.2 14.9JAPAN

ASATSU-DK 12 9.1 8.9 26.0 23.7 0.9 0.9 3.5 3.5 -9.4 -5.8 14.4

WPP 12 7.0 6.6 10.3 9.4 1.4 1.3 13.0 12.8 -7.6 -2.4 26.8

AEGIS GROUP 12 7.6 7.1 13.0 11.9 3.7 3.2 26.5 26.9 -7.7 -7.1 30.1

PUBLICIS GROUPE 12 6.0 5.7 11.6 10.7 1.8 1.5 17.3 17.1 -4.5 -9.0 13.8EUROPE

HAVAS 12 5.9 5.6 10.9 9.8 1.2 1.1 11.2 11.4 -8.6 5.7 42.2

KOREA CHEIL WORLDWIDE 12 9.1 6.4 16.6 11.7 2.7 2.2 17.2 20.6 -3.7 -3.7 1.4

7.0 6.3 14.7 13.0 1.9 1.7 14.4 15.1 -6.3 -4.1 19.8

: Bloomberg,

: 5 25

www.Eugenefn.com _13

Analyst | /

3. Global Valuation

17 18

CJ E&M

TV Asahi

Vivendi

M6

Fuji Media

Nippon TVDish network

DirectvITV

Time warner

CBS

Time warner

cable

ComcastSBS

Tokyo Bcast

Walt Disney

Newscorp

2

3

4

5

6

7

8

9

6 8 10 12 14 16 18

(PER,X)

(E